Commercial insurance policies are provided to cover different types industrial accidents, which can ultimately result in huge losses for the business owners. Some of these policies include workers compensation, protection coverages for expensive boilers and machinery, business owners policy, general liability, liquor liability, and so on. Some of the basic types of commercial insurance policies are discussed below.
General Liability Insurance
Companies purchase Commercial General Liability Insurance (CGL) to cover the cost of settling fraudulent or real claims, pertaining to property damages, bodily injuries, physical damages caused at workplace, and so on. This type of policy is considered to be the basic insurance policy for almost all types of businesses. With such coverages, business owners can compensate their consumers for any damages caused due to malfunction of their products. This way, they are able to protect their reputation in the market.
Liquor Liability
There are bars and restaurants where hundreds of people relax, drinking their favorite wine over a collection of mouthwatering delicacies. The management of these places ensure their guests are served with the some of the finest brewed wines, beers, or any other variants of alcohol beverages. However, there can be incidents where a guest falls sick after drinking poor quality liquor. So, most bars and restaurants, where drinks are served, are insured with Liquor Liability policies. These policies ensure the compensation is timely paid to the victims, in order to avoid further issues. The compensation allows the victims to take care of their medical expenses.
Boilers and Machinery
Industries where huge machineries and boilers are installed and used, always purchase Boiler and Machinery policies. The reason for the purchase is to ensure their laborers and other workers are protected from injuries, which may be caused due to sudden burst of the boilers or any work related accidents.
Workers Compensation
Workers Compensation policies are purchased by business organizations and corporate houses to ensure their staffs get adequate reimbursement if they are seriously injured. This type of insurance is widely used in America, and also in some other European countries. This type of commercial insurance covers the workers, making sure they are provided with financial support in case of physical injuries.
There are many companies which offer commercial insurance policies to meet the basic insurance needs of business owners and their clients. The quickest way to find such companies is to go online. Visit the websites of different enterprises and see which one provides different types of policies in commercial insurance. Arlington Heights, IL, entrepreneurs trust companies which are reputed and employ qualified and experienced underwriters.
